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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessEGBs-GILTS CASH CLOSE: Rally On Weak Data; Euro Inflation Awaits
European yields reversed lower in afternoon trade Tuesday after weak US data (job openings and consumer confidence) boosted Treasuries, pulling Bunds and Gilts with them.
- European core FI curves moved in a bull steepening direction after the data with the short-end/bellies of the UK and German curves outperforming.
- Bunds started the European session on the front foot, though gains were capped by Germany holding a 30-year syndication and Bobl auction.
- Yields drifted higher most of the session until the US data switched the tone completely, with a sharp rally in both Bunds and GIlts.
- Periphery spreads closed tighter as the US data miss buoyed risk appetite alongside falling Fed hiking prospects.
- Attention is firmly on eurozone August flash inflation data which kicks off Wednesday with Spanish and German readings. MNI's preview went out today.
- On Thursday we get UK DMO investor consultations - our latest UK Issuance Deep Dive also went out today.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 2.3bps at 3.043%, 5-Yr is down 5.4bps at 2.541%, 10-Yr is down 5.4bps at 2.51%, and 30-Yr is down 4.7bps at 2.624%.
- UK: The 2-Yr yield is down 3.4bps at 5.246%, 5-Yr is down 2.9bps at 4.758%, 10-Yr is down 1.9bps at 4.422%, and 30-Yr is unchanged at 4.639%.
- Italian BTP spread down 2bps at 164.1bps / Spanish down 0.7bps at 101.5bps
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.